Barclays Raises Old National Bancorp (NASDAQ:ONB) Price Target to $28.00

Old National Bancorp (NASDAQ:ONB - Free Report) had its target price lifted by Barclays from $25.00 to $28.00 in a research note published on Tuesday,Benzinga reports. Barclays currently has an overweight rating on the bank's stock.

Several other equities analysts have also commented on the stock. Wall Street Zen raised shares of Old National Bancorp from a "sell" rating to a "hold" rating in a research report on Wednesday, April 23rd. Citigroup cut their price target on shares of Old National Bancorp from $30.00 to $28.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Royal Bank Of Canada cut their price target on shares of Old National Bancorp from $26.00 to $23.00 and set a "sector perform" rating on the stock in a report on Wednesday, April 23rd. Stephens reiterated an "overweight" rating and issued a $27.00 price target on shares of Old National Bancorp in a report on Monday, April 14th. Finally, National Bankshares set a $24.00 price target on shares of Old National Bancorp in a report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $26.30.

Old National Bancorp Stock Performance

Shares of Old National Bancorp stock traded down $0.25 during midday trading on Tuesday, hitting $23.23. The company had a trading volume of 1,260,809 shares, compared to its average volume of 2,793,580. The stock has a market cap of $7.43 billion, a price-to-earnings ratio of 13.52 and a beta of 0.85. The company has a quick ratio of 0.92, a current ratio of 0.92 and a debt-to-equity ratio of 0.82. The company has a fifty day simple moving average of $21.38 and a 200 day simple moving average of $21.60. Old National Bancorp has a 12-month low of $16.83 and a 12-month high of $24.49.

Old National Bancorp (NASDAQ:ONB - Get Free Report) last announced its quarterly earnings data on Tuesday, April 22nd. The bank reported $0.45 EPS for the quarter, beating the consensus estimate of $0.42 by $0.03. The firm had revenue of $486.87 million during the quarter, compared to analyst estimates of $478.37 million. Old National Bancorp had a net margin of 18.74% and a return on equity of 9.98%. As a group, analysts predict that Old National Bancorp will post 2.08 earnings per share for the current fiscal year.

Old National Bancorp Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Stockholders of record on Thursday, June 5th were paid a dividend of $0.14 per share. The ex-dividend date of this dividend was Thursday, June 5th. This represents a $0.56 dividend on an annualized basis and a dividend yield of 2.41%. Old National Bancorp's payout ratio is 32.56%.

Institutional Investors Weigh In On Old National Bancorp

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lee Danner & Bass Inc. acquired a new stake in shares of Old National Bancorp during the 4th quarter worth approximately $25,000. Summit Securities Group LLC purchased a new position in shares of Old National Bancorp during the 1st quarter valued at approximately $32,000. USA Financial Formulas purchased a new position in shares of Old National Bancorp during the 1st quarter valued at approximately $50,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Old National Bancorp during the 1st quarter valued at approximately $51,000. Finally, Fifth Third Bancorp lifted its position in shares of Old National Bancorp by 21.9% during the 1st quarter. Fifth Third Bancorp now owns 3,875 shares of the bank's stock valued at $82,000 after buying an additional 695 shares in the last quarter. Institutional investors and hedge funds own 83.66% of the company's stock.

Old National Bancorp Company Profile

Old National Bancorp operates as the bank holding company for Old National Bank that provides various financial services to individual and commercial customers in the United States. It accepts deposit accounts, including noninterest-bearing demand, interest-bearing checking, negotiable order of withdrawal, savings and money market, and time deposits; and offers loans, such as home equity lines of credit, residential real estate loans, consumer loans, commercial loans, commercial real estate loans, agricultural loans, letters of credit, and lease financing.